Thursday, November 3, 2016

Agrium losing money

Agrium Inc. reported today that it lost money during its third quarter, the same day as a vote is to be held on a merger with Potash Corporation of Saskatchewan.

The merger between the Canadian companies would combine the world’s largest fertilizer retailer, Agrium, with the world’s largest potash mining company, Potash Corp.

Agrium’s sales dropped 11 per cent to $2.25 billion in the third quarter, mainly because of lower fertilizer prices.

Agrium reported a net loss from continuing operations of $39-million in the third quarter ended Sept. 30, compared with a net profit of $99-million a year earlier.